Biotech REIT Acquires San Diego Hyatt for $216M

IQHQ, a biotech REIT that specializes in life science development, has purchased The Hyatt Regency La Jolla Aventine for $216 million. The firm has already acquired a pair of adjoining buildings on the site, but has made no announcement of future plans for the property.

Built in 1989, the 416-room, 12-story Hyatt Regency Aventine was designed by post-modern architect Michael Graves. The $216 million price tag represents the region’s second most expensive hotel purchase in the past five years, according to the San Diego Union-Tribune, and at $500 per room is nearly double what the seller, Singapore-based GAW Capital Partners, paid in 2019.

While there has been no announcement by IQHQ regarding re-development plans for the hotel, the IQHQ website features a future life science project called Aventine on University Center Lane, adjacent to the Hyatt Regency.